A time capsule of the greatest financial mania in the history of mankind, told in real-time by regular folks and patriots. May future generations better understand the madness of crowds, and how power and money corrupt.

There was a good segment on CNBC last night. Kudlow vs. Schiff. Kudlow dismisses any news article with a minus sign as "doom and gloom" and he doesn't want to hear about it. In other words, he won't look forward and see that problems in the credit markets will constrain businesses and lead to layoffs. But real income was up 2007Q2, so he thinks that bodes well for 2008Q2. Too bad those are trailing indicators. Kudlow won't know there's a recession until a year after there is an official recession.

He let Schiff talk for a minute about national home price, which was down in every city for the most recent months. Then he let a Manhattan realtor talk about the $10M and under and $20M and over markets. She saw no problems in the 40 blocks of Manhattan she services. Kudlow concluded that sicne Manhattan was up, and Charlotte and Seattle were up trailing 12 months average, that we had stabilized.

When I worked at Countrywide, this was the guy that pushed the company into doing more and more sub-prime loans. I guess he gave the company its start, now he's practically killed it. He's always been that orange, just like an Umpa Lumpa....Umpazillo!